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Fiat, Mazda to Build Roadster Together

By

Yoshio Takahashi And

Gilles Castonguay

Updated May 23, 2012 11:38 a.m. ET

TOKYO/MILAN—Mazda Motor Corp. and Fiat SpA are teaming up to make new versions of two of the most successful and iconic sports cars, the first step of a possible broader partnership between the Japanese and Italian automakers and the latest example of the industry's biggest players joining forces to share development costs and improve economies of scale.

The agreement—a non-binding memorandum of understanding announced early Wednesday—allows Mazda to try out a partnership with another big foreign manufacturer after a pact...

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